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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 101019
Experience:  Lawyer
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My mother died and her three children are the executors and

Customer Question

my mother died and her three children are the executors and beneficiaries at 33%,33.5%,33.5% the will says the estate can do anything as long as a majority of executors vote for it. can the estate lend money to one one or more of the executors if there is a vote and the majority agree to do so. this is in ontario
Submitted: 2 years ago.
Category: Canada Law
Expert:  Debra replied 2 years ago.
The executors owe a fiduciary duty to all the beneficiaries which includes treating all the beneficiaries the same. So a court would not allow two of the three to vote to lend themselves money and not lend the same amount to the third beneficiary, for example. And the executors also owe a duty to the testator to carry out the testator's wishes. So they would also have to be sure that doing this doesn't cause them not to be able to carry out the terms of the Will. Do you see what I mean?